Law:

Section:

Section 132 of the Income-tax Act, 1961, read with sections 451 and 482 of the Criminal Procedure Code, 1973 - Search and seizure - General - On complaint that 'V' firm was involved in promoting money circulation scheme in violation of provisions of Prize Chits and Money Circulation Schemes (Planning) Act, 1978, a search was carried out in premises of said firm under section 132 and large amount of money was seized which was produced before Chief Judicial Magistrate - Besides, amounts standing in bank accounts in names of certain individuals who admitted that said amounts belonged to firm was frozen under section 132(3) - Against said orders, instant petitions were filed praying for return of seized money and lifting of prohibition on separate bank accounts by individuals concerned - Whether in view of fact that no petition under section 451 had been filed before Court of Chief Judicial Magistrate before whom seized amount was stated to have been produced and further amounts frozen in bank accounts had not been seized and produced before any Criminal Court, powers under sections 451 or 482 of 1973 code were not capable of being invoked at this stage - Held, yes - Whether, moreover, since properties seized in instant case namely, currency note, was not subject to speedy and natural decay, it was not expedient in interest of justice to return seized amounts to petitioners - Held, yes FACTS On complaint that 'V' firm was indulging in promoting money circulation schemes in violation of provisions of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, Indian Penal Code, 1860, and Income-tax Act, 1961, a search was carried out in premises of said firm and large amount of money was seized which was produced before Chief Judicial Magistrate who ordered it to be deposited in criminal court deposit account. Besides, amounts standing in bank accounts of certain persons was frozen by order of second respondent - Assistant Director of Income-tax. Against aforesaid orders, instant petitions were filed under section 451 and 482 of Code of Criminal Procedure, 1973 praying for return of seized money and lifting of prohibition to operate bank accounts by…

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